In this study, the thermodynamic performance of an ice-bank-based cold thermal energy storage system was experimentally investigated. The main objective was to analyze the behavior of key refrigeration cycle parameters, including compressor work, evaporator cooling capacity, coefficient of performance (COP), and system efficiency relative to the ideal Carnot cycle during the charging process (ice formation). For this purpose, temperature and pressure data were measured at various points of the cycle, and the performance parameters were calculated using thermodynamic relations. The results showed that the compressor work was initially low and gradually increased with the rising cooling load, reaching a quasi-steady state after approximately 80–100 minutes. The evaporator cooling capacity exhibited an initial decrease due to the dynamics of the freezing process, followed by a fluctuating region, and then increased again as the ice layer thickened and heat transfer conditions improved. The COP was initially above 2.5 but decreased with time and increasing thermal load, stabilizing around 1.5 under steady operating conditions. Furthermore, the system efficiency decreased from approximately 75% at the beginning of the experiment to about 50% in the steady state, indicating increased thermodynamic losses such as pressure drops and irreversibilities. Overall, the results demonstrate that the ice-bank system exhibits stable operation with moderate efficiency and possesses significant potential for performance enhancement through optimization of operating conditions and refrigeration cycle components.